Rai Way, the shareholder funds write to Rai: «Reducing the share is dangerous» | EUROtoday

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The doable sale by Rai of the share of Rai Way exceeding its management would characterize “a clear signal of misalignment of the interests of the Rai shareholder with respect to the rest of the shareholders and we anticipate that we would not participate in the possible placement of shares”.

Thus in a letter despatched to the board of administrators of Rai, the Amber Capital, Artemis Investment and Kairos Partner funds – which had as a substitute met with the highest administration of Rai Way earlier than Christmas – put in writing their doubts concerning the operation introduced by Rai in mid-December, as a key factor on which to base the economic plan to be authorized on January 18, 2024.

The letter, reported by the Radiocor company, specifies that the operation “would have negative repercussions on the potential consolidation process with EiTowers, as it would significantly reduce Rai’s negotiating flexibility with EiTowers’ shareholders in defining the new governance structure”. Secondly “it would be seen by institutional investors as a decision devoid of strategic sense and perspective, harmful to the investors themselves and would have the effect of distancing them from Rai Way and, potentially, from the Italian market in general”.

However, the operation is taken into account an impediment to the aggregation with Ei Towers which, nonetheless, based mostly on the judgments of economic analysts, would nonetheless convey into Rai’s coffers the monetary flows essential to cowl the investments of the economic plan “with a greater valorisation of the investee” .